Published on 10/10/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $2.1 million contingent income callable securities on three indexes
By William Gullotti
Buffalo, N.Y., Oct. 10 – GS Finance Corp. sold $2.1 million of contingent income callable securities due April 2, 2026 linked to the performance of the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% if each index closes at or above the 70% coupon threshold on every trading day during the relevant observation period.
At the issuer’s option, the notes will be callable at par plus any coupon otherwise due on any quarterly review date.
If each index finishes at or above the downside threshold, the payout at maturity will be par plus any final coupon otherwise due.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
Goldman Sachs & Co. LLC is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Contingent income callable securities
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| Underlying indexes: | S&P 500 index, Euro Stoxx 50 index, Russell 2000 index
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| Amount: | $2.1 million
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| Maturity: | April 2, 2026
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| Coupon: | 9.5% per year, payable quarterly if each index closes at or above coupon threshold every trading day during the observation period
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| Level: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold, par plus any final coupon otherwise due; otherwise, full exposure to decline of worst performer from initial level
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| Call: | At par plus any coupon due on any quarterly review date
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| Initial levels: | 4,288.05 for S&P, 1,785.102 for Russell, 4,174.66 for Stoxx
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| Coupon threshold levels: | 3,001.635 for S&P, 1,249.5714 for Russell, 2,922.262 for Stoxx; 70% of initial levels
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| Downside thresholds: | 3,001.635 for S&P, 1,249.5714 for Russell, 2,922.262 for Stoxx; 70% of initial levels
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 4
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| Agent: | Goldman Sachs & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.25%
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| Cusip: | 40057WG43
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